Automotive Cyber Security Market Size, Share, Growth, Trends, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Automotive Cyber Security Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive cyber security market share, assessing the market based on its segments such as securities, applications, forms, vehicles, electric vehicles, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

Historical Market Size (2022): USD 2.6 Billion
Forecast CAGR (2023-2028): 20.20%

Increasing incidents of cyber-attacks on vehicles and massive vehicles recalls by OEMs have increased the awareness about automotive cybersecurity among OEMs globally. Increasing government mandates on incorporating several safety features, such as rear-view cameras, automatic emergency braking, lane departure warning system, and electronic stability control, have further opened new opportunities for automotive cybersecurity service providers globally.

As a result, various start-ups are present in the automotive cybersecurity ecosystem. Government initiatives toward building an intelligent transport system have further escalated the demand for cybersecurity solutions all over the world. Apart from this, the introduction of 5G technology is expected to accelerate the market growth in the coming years.

Automotive Cyber Security Industry Definition and Major Segments

An automotive cybersecurity system is a cost-effective and efficient way to deal with cyber-attacks by identifying the threat, correcting it, and safeguarding the computer’s security system against future threats. It is used in telematics, infotainment, powertrain, body control and comfort control, communication systems, and ADAS and safety systems.

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Based on security, the market is divided into:

Endpoint Security
Application Security
Wireless Network Security

The major applications of the market are:

Telematics System
Infotainment System
Powertrain System
Body Control Comfort Control
Communication System
ADAS Safety System
Others

The several forms of automotive cybersecurity in the market are divided into:

In-Vehicle
External Cloud Service

The various vehicles studied in the market are:

Passenger Car
Commercial Vehicle

By electric vehicle, the market is divided into:

Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)

On the basis of region, the market is segmented into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Automotive Cyber Security Market Trends

Rapid increase in the need for automotive cybersecurity and cybersecurity standards becoming mandatory are expected to drive the growth of the global automotive cybersecurity market. Also, enhancing vehicle security using adaptive security and the rise in complexity of cars’ electronic systems are projected to offer lucrative growth opportunities for the market players.

The growing emphasis on OEMs on autonomous driving and connected car systems has increased the risk of data breaching, thus augmenting the demand for cybersecurity solutions in the automotive market. Moreover, the growing usage for e-mobility across the globe is expected to drive the market growth. Technological advancements in autonomous and semi-autonomous vehicles are propelling the demand for automotive cybersecurity policies, resulting in increasing data and expansion in networking capacities.

Key Market Players

The major players in the market are Harman International Industries, Incorporated, Continental AG, Garrett Motion Inc., DENSO Corporation, Renesas Electronics Corporation, Karamba Security Ltd., Vector Informatik GmbH, and AUTOCRYPT Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.